For generations, men and women have put on the uniform of our nation’s armed forces to protect our freedom and way of life. While noble, Uncle Sam isn’t known for paying well. This is why military families should take proactive steps to keep their finances from steering off course. The following are some simple things you can use to protect your personal finances.

Establish retirement goals. You should plan to put 6% or more of your income into your retirement accounts each month.

Maintain a budget and take advantage of discounts. Stores, insurance companies, service providers, etc., often offer discounts for active duty servicemen and veterans. Use these to stretch your budget a little bit further.

Save for a rainy day. Always put a little money aside each month for the unexpected. Whether it’s $50 or $100, the cushion you create will help you cover everything from dental bills to flat tires. Whatever you do, don’t raid your rainy day fund unless you absolutely need to.

Pay your debts down and keep them low. Never bank on a promotion or count your chickens before they’re in the roost. This will help keep you out of trouble in case things don’t come through.

Hire a financial coach to guide you. This person should be someone you trust and will be around for the long-haul. This person can help you make decisions regarding everything from retirement to saving for your child’s education.

Maximize your tax breaks. You may find that you can maintain legal residence in one location while serving in another. Naturally, you’ll want to pay income taxes to the state where the tax rate is lower.

Start planning for your transition to civilian life now. Make sure you have the skills and experience employers in the private sector will be looking for. The sooner you start enhancing your experience and skill sets, the easier it will be to transition. Furthermore, start networking so that when you get your DD-214, so you can start sending your resume to people you know right away.

Serving in the military is one of the most important things you will ever do. If you or a family member is active duty or a veteran, we invite you to contact Superior Debt Relief Services with your questions and discover how you can protect your personal finances.